My wife and I are finalizing on a triplex in a mountain Ski-town. The property is currently a C+ to B-, and the interior/exterior/common area is in need of cosmetic repairs.
The problem is that we will not be able to do a complete renovatation until the summer due to financial and timing issues. We will be able to have the available unit furnished, with a fresh coat of paint and other touch-ups, but the kitchen, bathroom, and deck would still be outdated.
I have two questions: 1) in terms of the reviews and quality, would this affect our future listing of the finished property; and 2) are there any other issues to know about for a property that is pre-renovation?
Hey @Chase Farley , depending on the look, yes it could. Can you post some pics of the outside and the interior so we could make a better judgement.
It is very possible you could tank your reviews and leave a stigma on your property. It is a tough row to hoe.
Nah, just be candid in your description and price it accordingly. “Pre-renovated pricing, 70’s style bathrooms and kitchen. Go skiing, come home and put on those spandex pants. High hair optional. New owner will be renovating summer of 2021 so be sure to check us out next year too.” You get the jist. And be certain to update your photos and make reference to your new look, even go so far as comment after your early reviews about the upcoming renovations so you build your paper trail. Stowe is beautiful. Congratulations!
Thank you Michael!
We bought the property sight unseen, and the only photo to go off of is the Google maps photo the real estate agent used on the listing. We had an inspector take photos in greater detail, but they are zoomed in and on one pdf.
You answered a big part of my question though. The reviews carry over.
Thank you Nancy!
Love your descriptive writing. That is what I was thinking if we decide to go the STR route, instead of a short 5 month lease before renovations.
I believe that if we do as you say, with lowering the cost and setting expectations, we can mitigate the bad reviews. We would just need to be more protective when vetting the guests at a lower rate.
Have a great day,